Morning journal and courier., 1887-03-23
THE PROPOSED DERBY SALE.


Made by the Stockholders-What
Thomas r.. Trowbridge.jr. Says-The
Roads Real Estate valued at $780,.
OOO-Other Testimony Brought Out
In Cross Questions.
The unpropitious weather prevented many
persons from attending the much adjourned
hearing on the sale of the city's interest in the
'fLittle Derby" held in the commit
! tee room at the City Hall last evening. Be
fore the hearing had adjourned, however,
the little audience of interested parties was
| materially increased. A. Foote, of the fish
| dealing firm of A. Foote & Co. of Stats
street, was the first witness to testify. 81
am as a citizen opposed to this proposition,
4 said he. cit has been said that this is
| New England scheme. 1t looks to me al
though it is proposition by which certain
parties will make money in Wall street.
believe that the city can do better by the in
| dividual stockholders, and its own interests
| if it waits awhile longer. The individual
stakeholder shonld be protected just as much
as where they first invested their money.
Mr.. Sargent-Do you see any necessity fol
| any sale whatever, and what do you
understand the roads condition to be?
Mr.. Feote-I think the Derby is in a con-
stantly improving condition and don't see
any necessity for selling now.
Mr.. Tyler-Do you believe that if the
western connection could be made it would
be az advantage to the city?
Mr.. Foote-Yes, generally speaking.
Mr.. Tyler-If the smaller stockholders
were taken care of properly and that their
their stock would probably be doubled in a
short while, would it not modify your view
in the matter?
Mr.. Foote-I am no more than human and
perhaps it would in a certain measure. I
own few hundred dollars worth of Derby
stock.
have always got along well with the Con-
solidated road, said the witness. The opin-
ion has been given out that the Consolidated
road has been making overchsrges and has
Disseminated against the city. am of the
opinion that some of them were incorrect.
In dealing with the road for thirty years I
have found no fault with it as whole.
Thomas R. Trowbridge, jr., was next called
by Mr.. Sargent, who asked him to give his
opinion as to whether he deemed it advisable
to sell the little Derby to the Housatonie Val
ley company at the present time.
Mr., Trowbridge-I should favor the selling
of the city's interest in the Derby if certain
conditions were complied with. am not
interested in the Little Dewby, save as tax
payer. am afraid that the individual stock
holders who could i'll afford to lose their
small interests would no doubt be frozen out.
I should like to them come in for the
same share in proportion that the city gets.
The next condition I should deem very desir
GUS would be the entire abolition of the
death traps at Custom House Square and
Meadow street. More dangerous it would be
hard to find and l fear for my
have occasion to go the Union depot.
Whatever parties purchased the road, it
should be obligatory for them to run the
Derby tracks into the Union depot. con-
slider the offer of the Housatonic company is
worth less than the piece of property owned
by the road at the head of the wharf. I re-
Gently looked this property over and consider
it very valuable and would undoubtedly
bring 5000 foot in the near future.
The franchise of the Derby road I consider
very valuable. I would consider 81 600, 900
a fair price, If the road is left alone for
three years it would undoubtedly pay divi-
dends 1 should like to buy some of the roads
stock to-day. I would consider it good in
vestment for nay money. 1 have been try
ing to buy some of it for the past few years.
1 would be glad to take 500 shares to-day at
&c. 1t would be worth $50 in a very short
time. As to the extension 1 would
favor anything that 1 thought would
further the city's business interests.
But as for extending the road up the Hous
atomic valley COLT Lu1uh IL WOulu Oo VI
any very great advantage. 1 have occasion
to go up this valley quite frequently and
have seen no new houses OF barns built since
1871 from Bridgeport to Hawleyville. The
latter is God-forsaken place. There would
not in my opinion be any trade of conse-
quence derived from the Housatenic valley.
If the New England road want it let it pay
all the Derby is worth, and think they
would if it was asked"
In answer TO questions by Attorney Alling
the speaker said: 'If I owned the city's in
terest wouldn't sell for less than million
of dollars. I think there are parties who
would pay that amount for it. The land the
Derby owns at the head of the wharf is worth
$500, 900 and would sell for that in the course
of few years. If we only wait awhile we
can get all the road cost. I consider the
Derby the most valuable road running into
the city for New Ravens retail trade.
The land I speak of fronts on Water and
Commerce streets and the wharf. 1t is
very desirable location"
Mr.. Frank Raymond, shipping clerk for j.
B. Sargent, presented, at the request OF Mr.
Sargent, statement giving the facilities of
New Haven for shipping and receiving
freight from all over the New England
and Western States After a few ques-
lions had been asked Mr.. Raymond he was
excused, and Mr.. Sargent read the state
ment.
Major William Hull, the assessor, thought
the price offered very inadequate for the
property tThe city ought to get great
deal more for it," said. Mr.. Hull. "The read
is in good condition. First class work has
been laid out on it for the last year or two
and has improved it very much; own stock
in the road and owned it from its first con-
ception." In answer to qsestions put by
Attorney Alling he thought 81, 000, 900 about
a right price for the road 81 wouldn't sell
the road Just now" said he; "I don't want to
dispose of my interest in the road"
Mr. Walter Leigh of the Chapel street
clothing firm of Leigh & Prindle testified
that he didn't think the road should be sold
for the price offered. If the city is agoing to
sell its interests they had ought to get what
it's worth. I fully agree with Mr.. Trow-
bridge in his opinion as to the price. think
the piece of real estate on Water street is
worth at least the amount offered for the
road-$175, 900.
Mr.. Harry Leigh of the Chapel street gro
Gerry firm stated that he was opposed to the
sale on business principles. "Plenty of men
to-day will offer more for the road and con-
duct it on as good principles, "said the speak
Or, "and it has been increasing in value
steadily. I endorse fully the statements
made here by Mr.. Thomas R. Trowbridge,
IT,, this evening"
Mr.. M. Spier, the coal dealer, said he knew
/. party of gentlemen who would give $780,
300 for the road and perform all obligations
which would be obligatory to the Housaton-
c Valley company. 'I ann not at liberty to
state who they are,", said he. myself nor
Mr. Sperry are not of the party, or either.
The roads earnings are on the increase, and
think the property is very valuable one
for the city to own, and oppose the city's
giving away its property for nothing. l
can't get my coal any cheaper if the Derby is
with the New England system.
Hartford has the New England road, but it
costs more to bring coal to that city than to
New Haven. They can't compete with wa
ter rates.
The committee adjourned at $50 until this
evening at o'clock. After the adjourn
ment Mayor York announced that the COM
mittee was DESTROYS that any parties who in
tended making proposition for the pur-
chase of the Little Derby should do 30 as soon
as possible in order that it be made before
the hearing on the proposition now before
the committee closes. The committee will
refuse to entertain any propositions after the
Housatonic hearing is closed.
Who are the parties who will give 5000, 900
for the city's interest in the Derby road2
This was the question that has been asked
an innumsrable number of times by those
who are interested in the Derby.
It was said last night that it was the stock
holders of the read who would give this
price.
Mr.. Spier, the coal dealer, said that the